Dave Delainey: Moore Power Project

Thank you for participating in the meeting/conference call yesterday
afternoon. I know it was helpful to go through the Synthetic Lease
assumptions with everyone on board. I met with Dave yesterday evening and
briefly discussed his timing (ASAP) on meeting with Joe Sutton and his
expectations (very high) on the Moore presentation. I referenced oversizing
the amount of the Synthetic Lease in order to keep the Canadian banks happy
on the 90% Enron guarantee. He agreed that the economics in the dash should
still reflect the lower actual amount to be drawn down (currently U.S.
$169MM). Please note below his requests and delegated responsibilities in
(brackets) below:

Dave requested I revise the proposal (Adam) to show add'l NPV and IRR
comparisons based on MAIN, ComEd and possibly ICF, and a 30 Yr, GENCO
comparison (Kate). Given the recent downward shift in some of the curves we
may need to recompute our existing NPV and IRR #'s also (Kate). Besides
furnishing a graph for the referenced curves, I need to submit GENCO's
capital cost comparison for peakers in the marketplace (Ben). Further, based
on the 30 year amortization, I need to show a graph of the build up of the
components of capacity price and a break even earnings accrual price
(Miguel). I will need comparisons from GENCO of these two graphs as well as
a chart comparing start costs, heat rate and Var. O&M contrasting the Moore
Project with the GENCO peakers (Don and/or Jynsung or Clement or Ben). In
addition, Dave asked to get a Draft copy of the DASH ASAP (Chip). Dave does
not want to circulate the DASH for signature until he has met with Sutton.

Thanks for your help.
Thomas.